The Canada Infrastructure Bank (CIB) and Government of Alberta’s Ministry of Transportation (Alberta Transportation) announced the signing of a Memorandum of Understanding (MOU) to complete studies and due diligence for the Calgary-Banff Rail project. The project would support Alberta’s economy by creating a critical airport-rail link to downtown Calgary and Banff National Park, increasing tourism opportunities and labour mobility, and reducing vehicle greenhouse gas emissions and congestion in the travel corridor.

The Calgary-Banff Rail project is a new, 130-kilometre sustainable passenger rail service that would potentially include six stops (Calgary International Airport, Downtown Calgary, Cochrane, Morley, Canmore and Banff) along a dedicated line built within the existing Canadian Pacific Railway’s corridor. The service could have up to eight departures per day from the airport to Banff and the capability of running an express service from Calgary International Airport to downtown Calgary every 20 minutes.

The Government of Alberta intends to structure the project as a public-private partnership (P3) to attract investment, transfer risks and drive performance.

The CIB will collaborate with Alberta Transportation to review the project’s estimated costs and revenues, explore financing options and assess environmental, social and economic benefits prior to any potential investment decision by the CIB. This phase of work is consistent with the CIB’s role to provide advisory services to governments.

The project would create an innovative, environmentally friendly public transit option and help the Town of Banff become more pedestrian friendly. Residents of First Nations communities would see increased employment opportunities with easier access into Calgary, Banff, Canmore and Cochrane. Visitors to tourism, cultural and recreational areas in Calgary and in the communities along the line would also benefit from more convenient and efficient travel from the airport and nearby communities.